9AM Hour: SpaceX Tumbles, AMD CEO Exclusive, Dow and S&P 500 Extend Record Run 8/5/26

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**Jim Cramer** (1:00)
It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

**Carl Quintanilla** (1:07)
Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Pre-market with some stability today after the S&P's best day since April 8th. Bulls trying to hang on to some record highs. Although the earnings picture is mixed, Lilly crushes it, but revenue misses at Disney and Uber. Oil steady, no deal with Iran yet. Gold's up 100 bucks several days, our best day in several months.
Roadmap begins with SpaceX though, down sharply after the first earnings as a public company. We will break down the numbers.

**David Faber** (1:38)
We got a different story for Eli Lilly and Disney. Both shares rising after those companies did beat the estimates for earnings, and in a few moments from now, we're going to speak exclusively with the chair and CEO of AMD, that lady right there, of course, Lisa Su. The shares are under pressure despite quarterly results that were ahead of what many of the analysts had been expecting.

**Carl Quintanilla** (2:00)
Let's begin with SpaceX today. Shares taking a hit despite that Q2 beat. Company's AI spending surge overshadows this 92 percent jump in quarterly revenue from a year ago. Here's Elon Musk outlining some of the lofty sales projections on the call.

**Elon Musk** (2:16)
We are expecting to reach 100 billion plus ARR in December of this year.
It's probably also worth mentioning that our internal projections for reaching a trillion dollars in revenue, not ARR, but revenue, have moved up from 2031 to 2030 So prior to the IPO, the financial projections we had were reaching a trillion dollars in revenue in 2031 We now expect that to be in 2030 And there's a non-zero chance of that being in 2029

**Carl Quintanilla** (2:51)
So that's a big number, Jim. This is increasingly an Nvidia story today.

**Jim Cramer** (2:55)
Yes. And also, I mean, where is Cal-Sheet? We need a yes or no trillion, right? Because this was the big story.

**David Faber** (3:02)
I said the same thing this morning.

**Jim Cramer** (3:03)
You did?

**David Faber** (3:04)
Yeah, I did. I was like, let's have that.

**Jim Cramer** (3:06)
I got it first.

**David Faber** (3:07)
A trillion dollars by 2030 in revenues.

**Jim Cramer** (3:09)
But Carl's right. And the reason why I disagree with all these stories about the expectation, I think it's the huge number of shares that are coming, the lockup. Because if you look at the math of what he's saying about if he gets compute and he uses Nvidia, which he has now said exclusively he uses Nvidia, the payback, a la Andy Jassy, is significant. So I think all that stuff about, well, you know, he's just giving you high numbers. If he can do it, and if he can buy all the Nvidia ones, which I don't know if he can afford it.

**SPEAKER_10** (3:46)
Or if it's there.

**Carl Quintanilla** (3:48)
Morgan Stanley today, Jim. August 6th, unlock of about 100 billion.

**Jim Cramer** (3:53)
Yeah, that's a lot.

**Carl Quintanilla** (3:53)
And incremental.

**Jim Cramer** (3:54)
That's a lot. And we don't know where it's going to go.

**David Faber** (3:58)
We don't know how many people are going to choose to sell. We don't know where it's going to go. We're not completely sure where it's all coming from. We've talked about, and I know you seem to have had some of the conversations I've had about some of these SPVs where people really aren't sure what's going to be sold when or what they're going to get. But let's just assume there's going to be a decent amount of stock for sale. But that said, we talked about this yesterday. There's also a decent amount of stock that's already been short in anticipation of those sales.